The hotels that were formerly part of IFA in southern Gran Canaria are now owned by a US fund. US funds are the largest holder of hotel beds in southern Gran Canaria. The plummeting of the US investment fund Blackstone has set off alarm bells in southern Gran Canaria. On Tuesday, the financial giant lost 40% of its market capitalization, swept away by the wave of uncertainty generated by former President Donald Trump's tariff moves and his offensive against the Federal Reserve, which has unleashed a new bout of panic in international markets.
Blackstone is the largest hotel owner in the Canary Islands, with a portfolio that includes 22 hotels in the archipelago—almost 3.000 beds in Maspalomas—managed by brands such as Lopesan and Barceló, among others. In the south of Gran Canaria, its assets include several establishments that previously belonged to the Lopesan group and are now under the umbrella of Hotel Investment Partners (HIP), its tourism division.
Although in recent months the company had expressed its intention to partially divest from the Spanish hotel market—taking advantage of the "good momentum in the sector and profitability opportunities"—this week's brutal stock market correction casts doubt on any strategic operations underway and rekindles concern among workers, suppliers, and local authorities.
"What's happening with Blackstone is not unfamiliar to southern Gran Canaria," warns a business source from San Bartolomé de Tirajana. "We're talking about the largest hotel owner in the archipelago, with thousands of jobs directly and indirectly linked to its assets."
Although hotels continue to operate normally, the tension is palpable. Uncertainty in the financial markets could accelerate or freeze asset sales, alter management contracts, or impact planned investments in infrastructure renovation. Furthermore, there are fears that a potential liquidity crisis at the US parent company could affect local operations. Meanwhile, unions and tourism associations are urging calm but demanding transparency: "We need to know what Blackstone's plan is and what guarantees there are for hotel workers in the Canary Islands," demand the Grassroots Unionists.
Southern Gran Canaria, one of the most sought-after destinations for European tourism, continues to generate profits, but it remains to be seen whether that will be enough to cushion the blow of this new global financial storm.
